Cess on petrol, diesel hiked by Re 1/lt; customs duty on gold increased

Finance Minister Nirmala Sitharaman Friday raised cess on petrol and diesel by Re 1 per liter, while customs duty on gold was also increased to 12.5 percent from existing 10 percent. Presenting the first Budget of the Modi government in its second term, Sitharaman said surcharges on individuals having taxable income of Rs 2 crore to Rs 5 crore; and Rs 5 crore and more have been raised.

She also said there will be no merchant discount rate (MDR) charges on digital transactions made at big establishments having an annual turnover of more than Rs 50 crore. The finance minister also announced TDS (tax deducted at source) of 2 percent on cash withdrawal of more than Rs 1 crore from a bank account.

She said the faceless assessment of tax returns in electronic mode is being launched this year in a phased manner.